Debt Free by 40

wilky371

Thanks for all you points above, all being taken on board.
I've managed to get £4.5k off my car finance as I now have a company car, I've sold the car on & took it off my £10k owing to the finance robbers. I know I still have the £6k to pay & no car to show for it, but at least now I dont have to worry about insuring & taxing a car I dont use.

My work is starting to get better with a £500 commission last month & this month i've managed to earn £1900 in commission on top of my wages.

What do people think is the priority debts, pay off a creditor in full, the highest APR or any other suggestions.

I'm starting to see the daylight. :j

angelavdavis

There are snowball calculators on the whatsthecost web site that help you work these out. http://www.whatsthecost.co.uk/snowball.aspx

I personally have gone for paying off the highest aprs first.

I then went for the larger debts and finally consolidated my two remaining debts and move across to a 0% credit card.

Others seem to prefer getting rid of the smaller debts so they reduce their creditors, but its personal choice really.

Just a thought you might not have done yet - have you phoned your existing card companies and asked for a apr reduction? I did this and managed to get mine reduced and I know others have had some luck too.

wilky371

Ive managed to get the CC guys to fix my payment to between 20-30 quid for the next 6 months until I get back a bit more sorted out without the interest etc.

chevalier

Hi there
I would pay of some of the smaller debts to catalogues first. a) because they will almost certainly be the highest apr's, but also because it will show on your credit file that you have settled several debts. This will start to improve your credit score, which will help later to maybe get you a low rate credit card. And of course close the catalogue accounts too:D

Well done on the commission that is a lot. It that after tax?
chev

wilky371

Sorry not been updating for a while, been busy & taken my eye off things.
I will be updating my signature tomorrow & will start cracking the whip again.